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  • #161
  • Jan 12, 2014 3:19am Jan 12, 2014 3:19am
Quoting billv
{quote} An additional indicator used as a filter would have kept you out of some trades. Modify the system to meet your needs. btw, the last bars don't count because the move is due to NFP
Thanks.

1) What do you mean by "an additional indicator"? Can you give some examples?
2) The last bar count because we don't have any rule like "don't trade on news events"
  • #162
  • Jan 12, 2014 4:08am Jan 12, 2014 4:08am
Quoting lucariga
{quote} Thanks. 1) What do you mean by "an additional indicator"? Can you give some examples? 2) The last bar count because we don't have any rule like "don't trade on news events"
Basically there are thousands of indicators and people use what they like.

Going with the trend is a filter.
For example you could use a couple of moving averages and trade in the direction of the moving averages,
or you could use the extreme TMA Line and only trade at the edges and with the trend.
http://www.forexfactory.com/showthre...94#post5660594

Note: The extremeTMA Line automatically adjusts to your timeframe but with many other indicators you need to adjust them to suit your timeframe.
The extreme TMA has a middle line which I believe is normally disabled in the settings.
You can enable it and it will be changing from green to red to give you a confirmation

The same system uses another indicators called TMA slope
I don't use it, but I played with it in the past.
Other people use ichimoku clouds, RSI, divergence etc etc
Moving your stop to break even after x number of pips could also stop you from losing some trades.
Have a nice day
  • #163
  • Jan 12, 2014 5:55am Jan 12, 2014 5:55am
Quoting billv
{quote} Basically there are thousands of indicators and people use what they like. Going with the trend is a filter. For example you could use a couple of moving averages and trade in the direction of the moving averages, or you could use the extreme TMA Line and only trade at the edges and with the trend. http://www.forexfactory.com/showthre...94#post5660594 Note: The extremeTMA Line automatically adjusts to your timeframe but with many other indicators you need to adjust them to suit your timeframe. The extreme TMA has a...
AP3, for confirmation, uses only the open price of the daily. Above open price only buy and below only sell.
I think he wouldn't add any indicator on his system other than pure price and previous high low....
  • #164
  • Jan 12, 2014 11:45am Jan 12, 2014 11:45am
Quoting lucariga
{quote} AP3, for confirmation, uses only the open price of the daily. Above open price only buy and below only sell. I think he wouldn't add any indicator on his system other than pure price and previous high low....

Sure, with good money management you don't need anything else.
I was only giving you an idea in case you wanted to experiment in your back testing.

Remember that when you introduce any filter you will take less trades
so you will avoid some losers but you will miss out on a few winners as well
Therefore perhaps you won't improve your results
because for example 3 losers @ 50 pips and 1 winner @ 150 pips = break even
In fact that 1 winner could deliver 300 pips or more....

Therefore, I'd look at the losers in your back testing and see how you could avoid some of them naturally.
For example by trading only during certain times of the day or by avoiding big news events, Fridays. etc etc
Using a different broker with different chart time will give you different 4H candles and different results as well
Have a nice day
  • #165
  • Jan 12, 2014 3:34pm Jan 12, 2014 3:34pm
Does anyone have engulf candle indicator for mt4 that covers open close only as per rules of this thread.
Many thanks, there are a lot on various sites but none that just cover open/close.
Geoff
  • #166
  • Jan 13, 2014 4:05am Jan 13, 2014 4:05am
Hi Ap3, and thanks for the thread, and the information you are sharing with us. I am enjoying learning to try your system. I would like to comment on two things.

1. If this system (as presented) has been profitable to you, I am hoping that we can practice it and learn it 'as is'. Ii really hope that this thread does not fizzle away because we are trying to add, change or modify it.
2. do you think it is possible to use the same system on different time frames? Have you had any experience with it? and what are thoughts on it. I am finding that I am not able to follow trades on the 4h tf.

Thanks
Ezzy
What you do is a reflection of you....what I do is a reflection of me.
  • #167
  • Jan 13, 2014 5:21am Jan 13, 2014 5:21am
Quoting goldenequity
Apart from practicing/following the relatively simple/non-subjective 'rules' you've laid out the CRITICAL next issue are the engulfing bar SIGNALS. They are essential to your success.

I beg to differ. The success is not a result of a magical signal, it is a result of a sound approach. The engulfing patters are not working because of their appearance, they are working because of what they are indicating (a possible reversal with momentum in the current market action that is also in line with the current direction of the bigger time-frame) and, most importantly, because of the way these opportunities are traded. It is the stacking and the allowed growth that are essential, not the signals. You can trade inside bars in similar fashion (remember Profitable Trend Trading?), you can trade pins, you can trade whatever works for you. But it won't be the signal that makes your 'system' profitable. It would be the trading approach. I would recommend you (and anyone still looking for the 'perfect' signal that would finally give them the system they are looking for) to read Building Equity Millipede thread here on FF. Then come back to this thread and just read the rules. It would be obvious that it would work and why. It would be obvious that your chart provider does not matter in the long run.
That being said, Ap3 still deserves full credit for presenting his trading approach here. Knowing the principles is one thing, successfully applying them - something different. He took the time to build a strategy around a simple enough signal that anyone can follow and he's presenting it here for free. I hope he does not feel offended in any way by what I am saying here. I do not intend to belittle his contribution but merely to dispel a misunderstanding.

Best regards,
Barbossa
  • #168
  • Jan 13, 2014 1:52pm Jan 13, 2014 1:52pm
Quoting Ezzy
Hi Ap3, and thanks for the thread, and the information you are sharing with us. I am enjoying learning to try your system. I would like to comment on two things. 1. If this system (as presented) has been profitable to you, I am hoping that we can practice it and learn it 'as is'. Ii really hope that this thread does not fizzle away because we are trying to add, change or modify it. 2. do you think it is possible to use the same system on different time frames? Have you had any experience with it? and what are thoughts on it. I am finding that I...
*** 1. Don't add indicators. No major changes to the rules. Make changes to yourself and refine your skills at 'reading' the market. If it were 100% objective it would be an EA. We can't eliminate subjectivity altogether, or at least I don't want to. So let's say hypothetically a strategy is 95% objective, 5% subjective. That 5% is small, but it is crucial to the entire game. It is like the keystone in an arch holding everything together. This is why you will see traders having a spectrum of different entries and profitabilities all trading the same rules. This is why a beginner will make a profitable system fail. This is why this strategy MIGHT not work for you. It's not for everyone.

2. Are you wanting to go higher or lower? Daily signals are perfectly fine. Even if you don't enter them, it is still wise to take note of them. I don't see why weekly wouldn't work but don't have much experience entering them. Again, take note even if you don't enter off it. I haven't even glanced at a chart below H1 in probably a few weeks.

*** Obviously you can do whatever you want with this strategy. Add as many indicators as your heart desires. Pick and choose rules. I'm just asking you do it somewhere else.
  • #169
  • Jan 13, 2014 1:59pm Jan 13, 2014 1:59pm
Hi....,

Attached Image (click to enlarge)
Click to Enlarge Name: Imagem AUDUSD H1.png Size: 22 KB


JVBS
Work very hard until you get there (excuse my english)
  • #170
  • Jan 13, 2014 2:01pm Jan 13, 2014 2:01pm
Quoting Barbossa
{quote} I beg to differ. The success is not a result of a magical signal, it is a result of a sound approach. The engulfing patters are not working because of their appearance, they are working because of what they are indicating (a possible reversal with momentum in the current market action that is also in line with the current direction of the bigger time-frame) and, most importantly, because of the way these opportunities are traded. It is the stacking and the allowed growth that are essential, not the signals. You can trade inside bars in similar...
Spot on Barbossa, thank you. Couldn't have said it better. Not offended in the least and not looking for praise. I just want to make money. And when it comes down to it, I'm just trying to build a thread I wish I had seen earlier in my career.
  • #171
  • Jan 13, 2014 2:04pm Jan 13, 2014 2:04pm
Quoting jvbs
Hi...., {image} JVBS
Nice work. That's how it's done.
  • #172
  • Jan 13, 2014 2:17pm Jan 13, 2014 2:17pm
Attached Image (click to enlarge)
Click to Enlarge Name: imagem USDJPY H1.png Size: 33 KB


JVBS
Work very hard until you get there (excuse my english)
  • #173
  • Jan 13, 2014 2:20pm Jan 13, 2014 2:20pm
Quoting Ap3
{quote} Nice work. That's how it's done.
Thanks AP3 ... these were my 2 trades today.
Continue your good work.
greetings,
JVBS
Work very hard until you get there (excuse my english)
  • #174
  • Edited 8:02pm Jan 13, 2014 4:50pm | Edited 8:02pm
hi Ap3 and fellow traders,

Just needed some advice on which brokers to join for live trading....not planning for a big investment but definitely a trusted broker with good enough spreads and maybe ECN...i mean as long as i dont have issues when i try to widthdraw my profits...any advice will be much appreciated.


Regard

Dennis
  • #175
  • Jan 13, 2014 5:50pm Jan 13, 2014 5:50pm
First TP reached.
Two other positions already at breakeven, to see what will happen next.
First TP reached very fast.

Attached Image (click to enlarge)
Click to Enlarge Name: imagem USDCAD H1.png Size: 17 KB


JVBS
Work very hard until you get there (excuse my english)
  • #176
  • Jan 14, 2014 12:09am Jan 14, 2014 12:09am
Quoting jvbs
First TP reached. Two other positions already at breakeven, to see what will happen next. First TP reached very fast. {image} JVBS
Starting to get the hang of it I see...
  • #177
  • Jan 14, 2014 2:58am Jan 14, 2014 2:58am
Quoting dennis4u15
hi Ap3 and fellow traders, Just needed some advice on which brokers to join for live trading....not planning for a big investment but definitely a trusted broker with good enough spreads and maybe ECN...i mean as long as i dont have issues when i try to widthdraw my profits...any advice will be much appreciated. Regard Dennis
http://www.forexfactory.com/forumdisplay.php?f=74
  • #178
  • Jan 14, 2014 3:33am Jan 14, 2014 3:33am
Quoting Ap3
{quote} *** 1. Don't add indicators. No major changes to the rules. Make changes to yourself and refine your skills at 'reading' the market. If it were 100% objective it would be an EA. We can't eliminate subjectivity altogether, or at least I don't want to. So let's say hypothetically a strategy is 95% objective, 5% subjective. That 5% is small, but it is crucial to the entire game. It is like the keystone in an arch holding everything together. This is why you will see traders having a spectrum of different entries and profitabilities all trading...
Hi Ap3, thanks for comments.

Perhaps you misunderstood my post, I certainly don't want to add more indicators to a winning strategy, and I hope others don't start posting any here either.

Up or down it doesn't matter, 4h is hard for me to follow (Due to the time I can and can not keep an eye on the charts) . I presume entries on a daily candle are going to be much better than in 15 min .

Thanks
Ezzy
What you do is a reflection of you....what I do is a reflection of me.
  • #179
  • Jan 14, 2014 3:55am Jan 14, 2014 3:55am
Quoting Ezzy
{quote} Hi Ap3, thanks for comments. Perhaps you misunderstood my post, I certainly don't want to add more indicators to a winning strategy, and I hope others don't start posting any here either. Up or down it doesn't matter, 4h is hard for me to follow (Due to the time I can and can not keep an eye on the charts) . I presume entries on a daily candle are going to be much better than in 15 min . Thanks Ezzy
I wasn't implying you personally were going to. That was my advice to everyone about your concerns for the thread.

Daily entries will be just fine according to the same rules in Post #1. There just won't be as many entry, and therefore stacking, opportunities as trading H4 and H1. But D1 engulfs are more meaningful. What D1 lacks in numbers it makes up for in quality. You could also increase the amount of pairs or markets you look at if you find it is TOO slow of a trading style.

In the case of daily entries, buy above weekly open, and sell below weekly open. Everything else is the same.

For weekly entries, buy above monthly open, and sell below monthly open.
  • #180
  • Jan 14, 2014 4:39am Jan 14, 2014 4:39am
Quoting Ap3
{quote} I wasn't implying you personally were going to. That was my advice to everyone about your concerns for the thread. Daily entries will be just fine according to the same rules in Post #1. There just won't be as many entry, and therefore stacking, opportunities as trading H4 and H1. But D1 engulfs are more meaningful. What D1 lacks in numbers it makes up for in quality. You could also increase the amount of pairs or markets you look at if you find it is TOO slow of a trading style. In the case of daily entries, buy above weekly open, and sell...

Cheers
What you do is a reflection of you....what I do is a reflection of me.
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